Important Business News 28th June, 2019

Important Business News

28th June, 2019

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Ghani meets PM

Two countries agree to open new chapter of friendship, cooperation

ISLAMABAD: Prime Minister Imran Khan and President Ashraf Ghani agreed to open a new chapter of friendship and cooperation between Pakistan and Afghanistan, based on mutual trust and harmony for the benefit of the two peoples and countries and for advancing the cause of peace, stability and prosperity in the region.

This was agreed upon during a one-on-one meeting between Prime Minister Khan and President Ghani, followed by delegation-level talks on Thursday upon Ghani’s arrival on a two-day official visit to the country.




Business Recorder



IMF deal

Growth to be negatively impacted in short run: Fitch

ISLAMABAD: Pakistan’s economic growth will be negatively impacted in the short run due to tighter monetary and fiscal policies as a result of the International Monetary Fund’s bailout package, says Fitch Solutions.

Fitch Solutions in its latest report, “Economic analysis – IMF deal to weigh on Pakistan’s growth in the short run” states that the bailout package from the IMF will see tighter monetary and fiscal policies in Pakistan, which will be negative for growth in the near term.




Business Recorder



Fragile stability

Waqar Masood Khan

The exchange rate developments in the last two days have had deeply disturbing effect on the economy. Economic agents are exasperated as to how the expectations they had formed a few days ago based on SBP governor’s assurances, about the orderly conduct of exchange rate policy and completion of ‘prior actions’, can turn out to be false within a few days




Business Recorder



KSE-100 Index sheds more weight

BRIndex100 extends losses

KARACHI: A bearish trend continued on Pakistan Stock Exchange on the fourth consecutive day due to selling in various sectors.

BRIndex100 lost another 38.25 points or 1.07 percent to close at 3,529.64 points Thursday. BRIndex100 touched intraday high of 3,591.78 and intraday low of 3,500.50 points. Volumes stood at 123.584 million shares.




Business Recorder



Textile exports: dismal performance

The textile sector has not been happy lately with the decision of the government to remove the zero-rated status granted to the industry. But the government has lost patience with hoping for textile exports to record any meaningful increase.

The recently released textile export numbers by the Pakistan Bureau of Statistics (PBS) will have only reassured the government that exports cannot be increased on the back of government incentives alone.




Business Recorder



Dubai-based properties

Rental income not chargeable but declarable

KARACHI: Rental income originated from Dubai-based properties is declarable but not chargeable in Pakistan, said commissioner FBR.

Speaking at an awareness seminar on Assets Declaration Ordinance (ADO), 2019, Maqsood Jahangir commissioner IR Zone VI, Corporate Regional Tax Office (CRTO), Karachi said that double taxation treaty overwrote the domestic law and the treaty between Pakistan and the UAE clearly stated that tax on rental income is charged by the country where income is originated hence rental income from Dubai-based properties are declarable but not chargeable in Pakistan.




Business Recorder

7. New taxation regime from July 1

Property registrations, transfers galore in twin cities 

ISLAMABAD: Following increased valuation rates on immovable properties from July 1, 2019 and revision in taxation regime for real estate sector, the property registration and transfer offices in Islamabad and Rawalpindi witnessed extraordinary activity of property transfers on Thursday.

The Federal Board of Revenue (FBR) has proposed massive changes in the taxation regime from July 1, 2019. The FBR has also enhanced values of immovable properties in all major cities from July 1, 2019.

20 Business Recorder
8. Session on ‘Draft National SME Policy’

FPCCI stresses need for business-friendly environment

KARACHI: Speakers at an interactive session on ‘Draft National SME Policy’ thrashed out its contents and suggested that government should provide business conducive environment with simplification of registration process and favourable trade and tax policy.

Research and Policy Division of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) organised the session at Karachi, Islamabad and Lahore through video link.

5 Business Recorder
9. Lacklustre business on cotton market

KARACHI: Most of the participants were on the sidelines due to less interest in fresh buying on the cotton market on Thursday, dealers said.

The official spot rate was unchanged at Rs 8400, they added. In ready session, no business activity was witnessed as buyers showed no interest in fresh buying of cotton, they said. Rates of seed cotton per 40kg from Lower Sindh were at Rs 3200-3600, they said.

8 Business Recorder
10. US wants to start new era of cordial ties with Pakistan: CG

FAISALABAD: Consul General of the United State of America, Lahore, Colleen Crenwelge has said that US Consulate General (CG) is trying its optimum best to further deepen the existing relations between Pakistan and America.

She was addressing the business Community in Faisalabad Chamber of Commerce & Industry (FCCI) here Thursday.

16 Business Recorder
11. PML-N for probing causes of hike in dollar’s value, sugar price

LAHORE: The Pakistan Muslim League (N) demanded on Thursday that the government should constitute a parliamentary committee to probe the reasons of increase in prices of sugar and dollar.

PML (N) MPA Sheikh Allauddin put forth this demand during a general discussion on the supplementary budget for the year 2018-19 in the Punjab Assembly.

16 Business Recorder
12. LCCI seeks govt’s clear-cut policy on soaring dollar

LAHORE: The Lahore Chamber of Commerce and Industry has sought a clear policy statement from the government on the dollar prices as single-day heavy increase would ruin the trade and economic activities besides jacking up inflation to unmanageable level.

LCCI President Almas Hyder said that within just two days, the devaluation of Pakistani rupee has been recorded to be over Rs 7 that is a bad omen for the economy.

16 Business Recorder
13. Final version of budget to be shared with IMF by July 1

ISLAMABAD: The government is expecting final passage from the National Assembly of the Finance Bill 2019-20 on Friday (today), after which the next stop will be the International Monetary Fund (IMF) board meeting, which is currently scheduled for July 3.

The final budget measures passed by the assembly along with a report on compliance with all prior.

1 Dawn
14. PM Imran hints at extension in June 30 deadline for Asset Declaration Scheme

Prime Minister Imran Khan on Thursday hinted at an extension in the Asset Declaration Scheme in order to avoid inconvenience caused to citizens by the June 30 deadline.

The prime minister made the remark while interacting with members of the business community on a special PTV News telethon via video link..

3 Dawn
15. Industry lashes out at govt for rapid rupee dive

LAHORE: Business community has expressed grave concern over the rapid rupee devaluation and termed it devastating to the country’s economy.

“The surge in dollar price will badly affect manufacturing sector as raw material prices and cost of doing business continue shooting up,” said Lahore Chamber of Commerce and Industry (LCCI) in a press release on Thursday.

5 Dawn
16. SBP reserves dip to $7.28bn

KARACHI: Reserves held by the State Bank of Pakistan (SBP) fell by $322 million to $7.28 billion on the week ended June 21, said the bank in a notice issued on Thursday.

Of the total reserves in the country, the ratio of holdings with central bank and commercial banks has fallen to 51:49 per cent compared to 60:40pc on Mar 29.

10 Dawn
17. Punjab govt considers ban on plastic bags

LAHORE: While the Federal Capital Territory will ban all plastic bags from Aug 14 this year, the ban is also being seriously considered by the Punjab government, albeit in phases.

At a meeting on Thursday, Environment Protection Department Secretary Salman Ijaz spoke about the ban on the use of plastic bags. The meeting was held at the EPD.

10 Dawn


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